money smart our twenties

Your twenties are often an exciting chapter in your life, full of new experiences that you’ll remember for a lifetime. Maybe you want to explore the world, buy your first car or move out of home?

Whether you’re studying or working, getting a handle on your finances now can help you to make the most of being in your twenties and snapping up all of the new opportunities that may come your way.

Whatever you’re hoping to achieve, we’re here to help you understand and manage your money better, so you can live life on your own terms. So, how can you be smart with your money without sacrificing your lifestyle?


Set goals

Make your big dreams a reality but set yourself a goal. If you have a dream of travelling, purchasing a car or even buying a house in your twenties, write down your goal. Writing your goals down or even creating a vision board for your goals, will allow you to become committed rather than it being a small thought that you had one day but never took action on.

Make sure your goals are SMART goals, specific, measurable, achievable, relevant and time-bound!


Create a budget

Creating a budget is the best way for you to understand your finances. There are plenty of ways to craft a budget, so you’ll need to find a method that works for you.

Start by tracking your income and expenses over a month to determine where your money is going. Once you have a clear picture of your finances, make a budget that covers all of your necessary expenses, including rent, bills, food, and transport. Be sure to also include your fun money, such as clothing and socialising. If you don’t want to sacrifice your lifestyle, you’ll need to include this in your budget.

From there, you can start to map out what you can realistically save now, to make your goals a reality. Putting aside a certain amount each week will help you make your goals a reality!


Practise smart savings habits

What if you don’t have enough leftovers in your budget to save for your new car or big holiday?

Look at ways to increase your earning potential

If you are studying, you may have a few hours up your sleeve to pick up extra shifts here and there. If you are working, you may also be able to find casual work on the side. This could be coaching a sports team or babysitting one night a week. The hard work now will be worth it in the long run!

Create ways to cut back on expenses

Maybe you do not want to sacrifice your social life right now, but there could still be ways to cut back on your expenses. You could ride your bike to work instead of paying for a daily train ticket. There may also be a way to split your Netflix or Spotify subscriptions with friends and family to minimise costs. Think about how you can realistically cut back on expenses that don’t provide value or bring you joy.


Start Investing

There are smart ways to invest your money in your twenties! Although the share market and the property market are often long-term investment strategies, there are short-term strategies that you can utilise to boost your savings now.

Rather than keeping your savings in an everyday bank account, secure your savings in a Term Investment where you can earn higher interest over a few years. You can earn up to 5.00% p.a. With APS Term Investments, by securing your funds in an account for 6,12 or 24 months. At the end of the term when you’re ready to use your funds, you will walk away with extra cash in your account without having to lift a finger!


Learn more about APS Term Investments